AI Stocks Slide at US Open; ServiceNow Drops 20.92%
US stocks opened lower on 29 October, with the Dow Jones down 0.59%, the S&P 500 down 0.5% and the Nasdaq down 1.35%. AI stocks broadly fell: ServiceNow dropped 20.92%, Alphabet lost 12.1%, Marvell fell 10.7%, Atlassian declined 6.19% and Twilio slid 5.53%. The VIX volatility index rose 0.18%. The sharp decline in AI stocks points to pressure on technology shares and may weigh on broader risk appetite, although the report does not identify a specific cause.
Bearish
The broad sell-off in AI and technology shares, alongside a 1.35% decline in the Nasdaq, suggests weaker risk appetite at the US market open. This could put short-term pressure on crypto assets, which often move in tandem with high-growth technology stocks during risk-off periods. Traders may watch whether the Nasdaq decline deepens, volatility rises, or crypto sees related selling. However, the article gives no direct crypto-market data or stated cause for the equity losses, so the signal is indirect rather than confirmation of a crypto downtrend. Any longer-term effect will depend on whether the tech-stock weakness persists and feeds into wider market sentiment.